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How to Find Your (HR Tech) Soul Mate

How to Find Your (HR Tech) Soul Mate

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How to Find Your (HR Tech) Soul Mate


Shopping for the right HR software for your business is not unlike dating. But with no apps or online match sites for human capital management (HCM), how do you compare and sort through all those vendors vying to win your company’s heart?

How do you sort through the suitors courting your company for the vendor of your dreams? Learn more with this free webinar. 

According to a Bersin by Deloitte study, 61 percent of HR professionals plan to replace their HR software within the next 18 months. If you are one of those professionals getting back on the market, here are three tips to get you started:

Tip 1: Find the total package.

Are you unsatisfied with your current HR processes? If your existing provider is unable to meet all your needs, it’s time to trade in that zero for a hero.

Your dream HCM vendor should be able to meet all of your desires … as related to the employee life cycle, that is, which includes payroll, talent acquisition, time and labor management, HR information management, talent management and benefits administration.

Before committing to a vendor, be sure to understand the difference between a single-source solution, aka Boris, and a single-application solution, aka Jeff. Only one truly can be the total package.

Boris, the single-source solution, provides your company a set of multiple programs integrated together, which Boris may or may not have developed himself. Integrating multiple, third-party programs can lead to your employees entering information, usernames and passwords over and over again. Not to mention, Boris has given you the challenge of products and programs not syncing correctly and the never-ending present of frustrating reporting limitations.

Jeff, on the other hand, offers a single application. This means employees only enter information one time. Repeat: one time. All data updates in real time across all products and programs. Reporting is comprehensive and consistent. The data workflow? Seamless.

 

Who would you rather see again? Boris or Jeff? No matter who you choose, don’t settle too early; you only want to implement or switch technology vendors if it’s going to make life better. And we have two more tips to consider.

Tip 2: Good manners are essential.

Are Boris and Jeff thoughtful, insightful, self-reliant, analytical and compliant with the ever-changing state and federal employer regulations? During your vendor comparisons, be sure to remember that the best HR tech provides one database of employee records to help you:

  • be more efficient with process automations that reduces paperwork and manual data entry
  • produce insightful analytics that track and report on your company’s unique workforce trends and performance catalysts critical to managing labor costs and implementing growth
  • empower employees with the ability to self-manage transactions and find answers to questions, which reduce the demand on payroll and HR staff
  • reduce exposure by automating compliance processes and accurately tracking and reporting on data critical to meeting government-required regulations

If the vendor courting you seems to be the total package and has impeccable manners, then congratulations! It sounds like you’re on the path to true love. But how well do you really know this vendor?

Tip 3: Perform a background check.

Why be in a relationship if not to be cherished and made to feel special, safe and secure? In this day and age, you can’t be too careful about who you have dinner with or with which vendor you decide to share highly sensitive confidential records.

Even though one may have caught your eye, do your due diligence. In the past few years, federal officials have prosecuted at least two dozen payroll firms that allegedly pocketed more than $300 million in taxes from their clients. Just as you wouldn’t get into a car with someone you don’t know, only share your payroll records with a vendor that has a solid reputation, financial stability and staying power.

Consider this due diligence checklist:

  • audited financials
  • long history of profitability
  • bonded for a minimum of $100 million
  • SSAE 16/SOC 1 audit report
  • ISO 9001 certification
  • proprietary software

If your Jeff or Boris has passed these three checkpoints, then you are on your way to finding your HCM soul mate. At this point, we hope to have steered you away from any shady characters who are only after your money, not your best interests.

Want four more tips? Then sign up for our free webinar on “Finding Your Soul Mate in Human Capital Management” and check out its accompanying infographic.


emily.tate

by Emily Tate


Author Bio: Emily Rothrock Tate is an award-winning public relations professional with more than a decade of experience in both the nonprofit and for-profit sectors. In her role as a PR specialist, she writes about complex issues and trends that today’s HR professionals face, and serves as steward of Paycom’s corporate giving initiative. An honoree of OKC Biz’s Forty Under 40 and ionOklahoma’s 30/30 Next Gen awards, she serves on the board of Oklahoma City’s Plaza District Association. Outside of work, Tate enjoys science-fiction novels, volunteering in the arts community, cooking and spending time with her husband and son.

Open positions

Why Its So Difficult to Fill Your Open Positions

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If you feel like it’s getting more and more challenging to find qualified employees to fill your positions, you’re right. New evidence from the Deutsche Bank indicates that the length of time a vacancy lays open has increased overall since 2010. Open positions are increasingly difficult to fill due to several trends within the current labor market. However, there are several actions you can take as a business leader to improve your ability to hire and retain a quality workforce.

Finding and keeping the top-talent your business needs is about to get tougher.

Open Positions Are Staying Vacant Longer

Currently, according to economist Torsten Sløk with the Deutsche Bank, positions are open on average 31 days before being filled. That’s significantly higher than the 24-day average in prerecession 2007, which was the longest span positions stayed vacant since 2001. Job vacancies were filled in about 15 days in 2009, and the length of time it has taken to fill open positions has increased steadily in the eight years since.

Many Business Struggle to Find and Keep Qualified Workers

What does this mean for business leaders? That finding the right worker has become increasingly challenging. The Federal Reserve’s recently released Beige Book notes tightening in labor markets nationwide.

In Pennsylvania, for example, “staffing contacts reported spending more time and money on recruiting labor and refilling positions after the initial hire quit, sometimes after just a few days.”

Additionally, the Federal Reserve’s contacts across the nation and in a variety of industries reported that hiring was limited because there were not enough qualified workers available.

Labor Trends Influencing This Challenge

Some of the reasons cited by the Beige Book included job hopping and a disconnect between companies and job candidates on compensation. Federal Reserve contacts noted “rising wage pressures” in both high- and low-skilled positions. Some also mentioned that the costs of benefits and variable pay were increasing.

Another possible reason employers struggle to find the right people to fill their positions is a growing gap between the skills needed in the workplace and the skills that are available among the workforce. In fact, according to SHRM, we are currently facing “the most acute talent shortage since the Great Recession.”

What It Means For You

It’s now more important than ever to retain your star employees, and attract candidates like them. Having competitive compensation and a culture that appeals to the job seeker can give you an edge in this job market. Consider implementing more in-depth, on-the-job training to address the skills gap, and ensure that you have efficient hiring processes in place to eliminate any wasted time, money and energy.

If you’d like to learn more about current labor trends and what they mean for your business, you can find a wealth of information in our on-demand webinar on current labor trends.

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Posted in Blog, Featured, Talent Acquisition

Jeff York

by Jeff York


Author Bio: Jeff York, Paycom’s chief sales officer, has more than three decades of sales experience and has held a variety of sales management positions; prior to joining Paycom In 2007, York spent 12 years with a legacy payroll provider, where he held a variety of sales management positions including vice president of sales for the major accounts division. York, a Texas Tech University graduate, also holds an MBA from Baylor University’s Hankamer School of Business.

IRS Continues to Enforce Affordable Care Act

IRS Continues to Enforce Affordable Care Act

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The IRS recently released an information letter indicating that the IRS continues to enforce the Affordable Care Act (ACA).

Dated June 30, Letter 2017-0010 was sent to a member of Congress who reached out to the IRS at the request of a constituent, a tax-exempt entity concerned it may owe an employer shared responsibility payment (ESRP) because it did not comply with the ACA rules on offering health insurance to its employees, for both financial and religious reasons.

The letter first provides a brief summary of the circumstances that might lead to a large employer owing an ESRP, and notes that there is no provision in the ACA that provides for the waiver of an ESRP.

The letter then addresses the effect of the president’s Jan. 20 executive order on the enforcement of the ACA. Titled “Minimizing the Economic Burden of the Patient Protection and Affordable Care Act Pending Repeal,” the order directed federal agencies to exercise discretion permitted to them by law to reduce potential burdens imposed by the ACA.

However, it did not change the health care law. The legislative provisions of the ACA are still in force until changed by Congress; therefore, taxpayers remain required to follow the law and pay what they may owe.

For more information on the executive order and the current tax filing season, visit https://www.irs.gov/tax-professionals/aca-information-center-for-tax-professionals.

What This Means for Employers

Since Congress has not yet passed a bill that would repeal the ACA, and Republicans have struggled to draft a bill that would receive majority support, employers should use caution and plan to comply with the law’s requirements unless and until the ACA is repealed and any new law’s provisions actually go into effect. Continued compliance may be required for a transition period, following passage of an ACA repeal bill, depending on the language of that legislation.

 

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Posted in ACA, Blog, Featured

Erin Maxwell

by Erin Maxwell


Author Bio: As a compliance attorney for Paycom, Erin Maxwell monitors legal and regulatory changes at the state and federal level, focusing on health and employee benefits laws, to ensure the Paycom system is updated accordingly. She previously served as assistant general counsel at Asset Servicing Group in Oklahoma City. She holds a bachelor’s degree from the University of Central Oklahoma and a J.D. from the University of Oklahoma. Outside of work, Maxwell enjoys politics, historical mysteries and spending time with her family.

Missouri minimum wage

Missouri Minimum Wage to Decrease from $10 to $7.70

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An overwhelming trend in the U.S. is cities and states increasing the minimum wage employers must pay their employees. However, St. Louis, Missouri is bucking this trend – although not willingly – by decreasing its minimum wage from $10 to $7.70, effective Aug. 28.

Court Battle

In 2015, St. Louis passed an ordinance raising its minimum wage to $10, with an automatic increase to $11 scheduled for January 2018. This prompted the Missouri legislature to pass legislation to pre-empt the ordinance from taking effect. The legislation was quickly enjoined in a lawsuit that went all the way to the Missouri Supreme Court.

In May of this year, St. Louis prevailed in the lawsuit and the minimum wage increased to $10. However, three months after the $10 minimum wage was implemented, the Missouri legislature passed another law disallowing any city in the state from having a higher minimum wage than the state, which is currently $7.70, this forcing St. Louis to reverse.

States vs. Cities

State governments dictating cities’ minimum wages is not altogether uncommon. In 2016, Alabama’s legislature shut down the Birmingham City Council’s efforts to raise its minimum wage. Similar efforts were undertaken by Ohio to block the City of Cleveland.

Other states have preemptively prohibited localities from passing minimum-wage ordinances – even before cities have commenced such efforts. Some of these states include:

  • Colorado
  • Idaho
  • Indiana
  • Kansas
  • Kentucky
  • Michigan
  • North Carolina
  • Oklahoma
  • South Carolina
  • Tennessee
  • Texas
  • Wisconsin

 

Although the St. Louis minimum wage decrease runs counter to the national trend, state legislatures prohibiting local increases is not uncommon. As more cities begin to adopt higher minimum wages, expect some state legislatures to push back.

Disclaimer: This blog includes general information about legal issues and developments in the law. Such materials are for informational purposes only and may not reflect the most current legal developments. These informational materials are not intended, and must not be taken, as legal advice on any particular set of facts or circumstances. You need to contact a lawyer licensed in your jurisdiction for advice on specific legal problems.

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Posted in Blog, Featured, Payroll

Jason Hines

by Jason Hines


Author Bio: Jason Hines is a Paycom compliance attorney. With more than five years’ experience in the legal field, he monitors developments in human resource laws, rules and regulations to ensure any changes are promptly updated in Paycom’s system for our clients. Previously, he was an attorney at the Oklahoma City law firm Elias, Books, Brown & Nelson. Hines earned a bachelor’s degree from the University of Central Oklahoma and his juris doctor degree from the Oklahoma City University School of Law, where he graduated cum laude. A fan of the Oklahoma City Thunder, Hines also enjoys exploring the great outdoors with his wife and daughter.

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